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The following transactions occurred during April for LAW company.  (assume VAT is included at 18%) April 3...

The following transactions occurred during April for LAW company.  (assume VAT is included at 18%)

April 3

Purchase of merchandise inventory on account 20.886 TL.

April  5

Received an invoice of 708 TL for maintenance of computers to be paid in 2 months.

April 8

Collected 3.750 TL of accounts receivable from a customer of a sale from March.

April 10

Sold merchandise inventory to a customer for cash 104.430 TL

April 12

Purchased  office supplies for  750 TL by paying cash.

April 17

Borrowed 14.160 TL from a bank to be paid in 6 months with 12% interest.
  1. Prepare the journal entries for the above transactions (assuming the VAT rate as 18%).
  2. Determine the VAT to be paid or carried forward to the next VAT period, and prepare the journal entry on May 25.
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